Indian Deposits In Swiss Banks Fall 18 Per Cent Over Last Ten Years: Report

Deposits held by Indian nationals in Swiss banks have declined by nearly 18 per cent over the last ten years, according to the latest data released by the Swiss National Bank (SNB), Business Line reported.

The total amount dropped from around 425 million Swiss francs in 2015 to 346 million Swiss francs in 2024.

Interestingly, Indian deposits had risen during the COVID-19 period, reaching a 10-year high of around 602 million Swiss francs.

However, that surge proved temporary, with figures falling to 309 million francs in 2023 before slightly rebounding to 346 million francs in 2024, an annual rise of 37 million francs.

Despite this short-term uptick, the long-term trend remains downward.

This pattern is not limited to India. Several major economies have witnessed similar declines in Swiss bank deposits over the past decade.

For example, UK nationals’ deposits fell from 44 billion francs in 2015 to 31 billion in 2024. Chinese deposits also saw a dip, sliding from 5.01 billion to 4.3 billion francs.

Among South Asian countries, Pakistan recorded a sharp 75 per cent fall in deposits, from 947 million francs in 2015 to 241 million francs in 2024.

Bangladesh showed a similar trend, with deposits dropping from 48 million to just 12.6 million francs.

Saudi Arabian holdings nearly halved, while the steepest decline was seen in American deposits, which plunged from 64.2 billion francs to 24.4 billion francs, a 62 per cent drop.

According to the Business Line report, the SNB data points to a broader global shift in banking behaviour, possibly driven by tighter financial regulations, enhanced transparency, and evolving investment strategies that have reduced the appeal of traditional Swiss bank accounts for foreign nationals.

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